Importance of Customer Feedbacks and it’s role to either induce a New player to emerge or help existing Competitors for Product Development

“Download the mobile app from playstore, use it, rate it and get rewards”, a common attractive theme companies deploy to attract new customers in the market. But giving rewards and inflating the reviews alone can imbibe more customers to perform the desired action and retain them? Yes, it’s possible.

But is there anything even more important comparing to it? Absolutely “Yes”.

What is that? Why it’s very critical?

Simple answer is — Customer Feedbacks post app-download and product use (Especially at an MVP level — Minimum Viable Product Launch level).

It’s very critical since: Customer Experience is key for both product and Organization long term success.

One of the famous quotes that springs to my mind in relation to Customer service is:

“Don’t waste customers’ time asking them questions unless you are prepared to act on what they say” — Bruce Temkin, Founder, Customer Experience Professionals Association

PLM (Product Lifecycle Management) is the process of managing a product’s lifecycle from conception to sales, servicing, and retirement. PLM software, as a technology, aids firms in developing new products and bringing them to market.

BLOCK DIAGRAM — PRODUCT LIFECYCLE MANAGEMENT

In the above illustration, the different phases in Product Lifecycle Management (PLM) are clearly projected. The Agile Project Management frameworks like Scrum, XP (Extreme Programming), Kanban etc… (depending on the company needs) can be used for product development and management.

The crux phase we are discussing in this article is about the Support and Service Phase. Doing prompt support and service to customers is vital for companies. It helps them to retain the customer base.

The crazy, inquisitive stat obtained from a recent research study from Salesforce Research is that: 89% of consumers are more likely to make another purchase after a positive customer service experience.

Big successful companies have a streamlined customer service process. The customer feedbacks are valued, and necessary actions are taken immediately. It helps in building long term customer engagement and enhances product experience. Even solving small issues on Product design (UI/UX) can help companies in customer enrichment.

Say for an instance, an ‘X’ Company does not respond properly to the customer messages in app store, and further if no suitable actions are taken on the product based on the customer feedbacks, it might lose the existing customer base.

Adding salt to the wound, a new startup who has the dream of building similar products like company ‘X’, could capitalize big time by analyzing the flaws of the product launched by company ‘X’ via customer feedbacks in appstore and produce new products that satisfies the end-customers.

While using the BCG (Boston Consulting Group) Matrix to explore trends in the existing product and existing market area, the competitors of company ‘X’ can utilize the customer feedbacks from app store and develop new products in align to customer needs and gain profit out of it.

Hope you would have understood now, on how, negligence of a Company to not act on Customer Feedbacks promptly, could either trigger a new player to emerge in market or help the existing competitors in building similar products and getting profit.

I would be happy to hear the views of Readers. Feel free to posts your thoughts in the Comments section.

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